The construction boom that's been underway since the pandemic has had a significant impact on the rental market. With more units available, landlords are offering concessions like free rent or parking to attract tenants.

According to Zillow, the number of rental listings offering concessions has increased by 33.2% nationwide since last year. And the median asking rent prices for all bedroom counts have actually declined, marking the first time this has happened since 2020.

Redfin reports that the biggest rent price declines are occurring in Sun Belt states like Florida and Texas, which have seen a surge in new apartment construction. Cities like Austin and Jacksonville have experienced double-digit drops in median asking rents.

This is good news for renters, especially considering that wages have been rising faster than rents. While wage growth has slowed down recently, it's still outpacing rent increases.

So, what does this mean for the future of the rental market? As the labor market continues to loosen, we can expect to see even more downward pressure on rents. And with more concessions being offered, renters have more options than ever before